a recessionary gap exists and wages are likely to fall. Consider the basic AD/AS macro model, initially in a long-run equilibrium. 3. The initial effect of the positive AS shock shown in the diagram results in Refer to Figure 24-4. An expansionary AD shock would have ________ output effect in the short run and ________ output effect in the long run. d. the unemployment rate is less than the natural unemployment rate. nominal GDP could have either risen or fallen. c. d. A permanent increase in aggregate demand will have its short-run effect on real GDP reversed in the long run with a ________ shift of ________.Consider the basic AD/AS macro model in long-run equilibrium. In the long run, ________.Consider the AD/AS macro model. What is its real GDP growth rate in 2010? an inflationary gap exists and wages are likely to rise. a level of real GDP equal to its natural real GDP. increases in aggregate supply, then, ceteris paribus: the full-employment level of real GDP will increase. In the long run, after factor prices have fully adjusted to any output gaps, real GDPConsider the AD/AS model and suppose the economy begins at potential output. An increase in the level of potential output, with aggregate demand constant, willRefer to Figure 24-3. In the long run, the price level will ________ and output ________. Now suppose there is an increase in world demand for Canada's goods.
In the short run, ________.
If there is a shift to the right in the AD curve, there will be a ________ in the price level and ________ in national output.Which of the following provides the best explanation for why GDP may increase over long periods of time?Consider an economy with a relatively steep AS curve. The study of short-run cyclical fluctuations usually assumes, for simplicity, that there are no changes in Suppose Canada's economy is in a long-run equilibrium with real GDP equal to potential output. A negative shock to the economy shifts the AD curve from AD1 to AD2. If the actual unemployment rate is less than the natural unemployment rate: a recessionary gap exists and wages are likely to rise. O C. Both The Price Level And Real GDP Will Increase. The curve that is sometimes called the "long-run aggregate supply curve" (vertical Y*) relates the aggregate price level to real GDPConsider the basic AD/AS macro model in long-run equilibrium. In the short run, ________. A rightward shift of the long-run aggregate supply curve illustrates: a. economic growth b. a recessionary gap an inflationary gap. Refer to Figure 24-3. Now suppose there is an increase in the Canadian-dollar price of all imported raw materials. Now suppose there is an unexpected and sharp reduction in desired business investment expenditure. The initial effect is Refer to Figure 24-5. A permanent expansionary AD shock has ________ price-level effect in the short run and ________ price-level effect in the long run. Both The Price Level And Real GDP Will Decrease. Following the negative AD shock shown in the diagram (from AD1 to AD2 ), the adjustment process will take the economy to a long-run equilibrium where the price level is ________ and real GDP is ________.
Potential GDP Increases. the inflation rate will be greater than the unemployment rate. Which of the following events could have shifted the AD curve from AD1 to AD2?Consider the AD/AS model after factor prices have fully adjusted to output gaps. In the long run, ________.In the basic AD/AS macro model, permanent increases in real GDP are possible only ifConsider the basic AD/AS macro model in long-run equilibrium. Now suppose there is a decrease in the Canadian price of all imported raw materials. nominal GDP must have fallen. A. Consider the AD/AS macro model. The effect of a positive AS shock on real GDP will be reversed in the long run with a ________ shift in ________.Consider the AD/AS model. In the long run, if continued increases in aggregate demand are not matched by Swi. After the negative aggregate demand shock shown in the diagram (from AD1 to AD2), which of the following describes the adjustment process that would return the …
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